Mega Skateboard Supplier had net sales of $2.8 million, its cost of goods sold was $1.6 million, and its net income was $0.9 million. Its gross margin ratio equals:
A. 56%.
B. 57%.
C. 43%.
D. 32%.
E. 175%.
Answer: C
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Which of the following is true about revised U.S. patent laws?
A) Patents are valid for 17 years after the patent is granted. B) Patents are valid for 17 years after the patent is filed. C) Patents are valid for 20 years after the patent is granted. D) Patents are valid for 20 years after the filing date of the application. E) Patents are valid as long as the product is manufactured.
Which of the following is true about advertising expenditures in Germany and Brazil?
A) Television is the leading medium in both Germany and Brazil. B) Newspapers are the leading medium in both Germany and Brazil. C) Television is the leading medium in Brazil; newspapers are the leading medium in Germany. D) Television is the leading medium in Germany; newspapers are the leading medium in Brazil. E) Magazines are the leading medium in Brazil and Germany.
An adjusting entry made to record accrued interest on a note payable due next year consists of
a. Interest Expense – Debit; Cash – Credit. b. Interest Receivable – Debit; Interest Income – Credit. c. Interest Expense – Debit; Notes Payable – Credit. d. Interest Expense – Debit; Interest Payable – Credit.
A(n) ________ indorsement includes the notation "without recourse" or similar language that disclaims liability of the indorser
A) qualified B) unqualified C) promissory D) competent